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CMHC's Siddall Calls on Lenders & Default Insurers to Tighten Lending

Author: External Author | | Categories: Bank Mortgage , Commercial Mortgage , Debt Consolidation , Down Payment , First Time Home Buyer Mortgage , Home Equity Line Of Credit , Home Renovation Mortgage , Investment Property Mortgage , Mortgage Broker , Mortgage Pre-Approval , Mortgage Pre-Approvalv , Mortgage Refinance , Mortgage Renewal , New to Canada Mortgage Program , Private Mortgage , Reverse Mortgage , Second Mortgage , Self Employed Mortgage

Evan Siddall, CEO of the Canada Mortgage and Housing Corporation, is calling on lenders and mortgage default insurers to tighten underwriting and qualification standards for the sake of the economy.

Siddall made the plea in a letter to CMHC-approved lenders and the country’s other two mortgage insurers. Contents of the letter were first leaked to Bloomberg on Wednesday, following which Siddall released the letter in its entirety.

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Original Article Source Credits: CANADIAN MORTGAGE TRENDS ,

Article Written By: Steve Huebl

Original Article Posted on: August 13, 2020

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